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Credit cards and credit score

3 replies

winebreeze · 19/03/2024 14:10

Hi, I was wondering whether it is best to get rid of credit card's, closing the accounts or having a zero balance but keeping them open?
What's best to build a credit score for a mortgage? Thanks

OP posts:
SchoolNightWine · 19/03/2024 14:18

Having available credit of £15000 but very little used, is apparently the best for your credit rating.
I didn't know this until I'd got rid of 2 credit cards, and my credit score has now gone down since I only have 1 with a £4K limit.

winebreeze · 19/03/2024 14:34

@SchoolNightWine thank you. I'll cut them up instead so I can't use them but keep them open

OP posts:
WoodBurningStov · 19/03/2024 14:38

I've always been told you need a little debt to have a good score. As a pp said, you need to be seen to have credit, but not use it.

I put all my petrol on a credit card each month and pay it off in full. My score is excellent even with small cc debt, a mortgage and car loan. It's because I never miss a payment and my available credit is high.

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